Renting out your home is a brave move for anyone, especially in central London. With over 150 pieces of legislation involved in the private rental sector there is a lot that can go wrong. However, to make the transition from home to rental property a little easier, Davis Brown have created a step-by-step guide.
If applicable, first and foremost you must obtain consent from your mortgage provider as you could be in breach of agreement. It is usually one of the conditions of your mortgage that you apply for permission to sub-let the property – unless the property was purchased on a buy-to-let.
Leasehold or freehold?
If you own the property on a “leasehold” or “share of freehold” basis you will also need to gain consent from the management company and the superior landlord to let your property out. Have in mind there could be a small fee in order to be granted permission. It is essential to check the terms of your head lease prior to letting your property. Davis Brown offer property management services for residential landlords so we can ensure that consent is gained before you let your property. Speak to one of our property managers to find out more.
You will also need to inform your insurance provider (building and contents) as it is essential that you maintain full cover during the period that you are letting out the property. Your provider may also wish to make alterations in order to cover a third party residing at the property.
Take a good look at the condition of the building, interior and exterior. These things must be taken into consideration before letting out your property and it is essential to have any necessary work done before moving a tenant in. Davis Brown is RICS registered and can provide a full survey of your property and organise any works that need doing.
How is energy provided to the property? Is there gas in the building? A legal requirement of advertising and letting your property is provision of an Energy Performance Certificate and a Gas Safety Certificate (where applicable). These must be undertaken by qualified and registered engineers. As from the 1st April 2018 there will be a requirement for any properties rented out in the private rented sector to have a minimum energy performance rating of E. You should also take the time to check when your boiler was last serviced along with the radiators and other basic utilities.
Décor and Furnishings
Once you have the legalities sorted, you can decide how you want to present your property. Will you let it furnished or un-furnished? Can you make use of any previously wasted space to create an extra bedroom? Is the kitchen up to date and in good condition? Applicants prefer new, modern fittings and neutral tones such as white or light grey. Davis Brown offer an in-house design team who can help you with all aspects of the interior of your property.